Voluntary Termination of Business HP RCI finance, please help!

[legend21]

Help, we have paid 3 years out of 4 on our vehicles but due to a downturn in business we can no longer afford them, we want to VT the HP but they are work vehicles and not in great shape, we will get them cleaned up and any repairs done, but can they refuse to take them back.

[legend21]

I am reading all of your comments with dread, we have had two company vehicles which we have made 3 year payments out of 4 but the business is struggling so we are having to VT them, as company vehicles they have been work horses but we intent to take them to a friend to treat any bumps etc, they have done a lot of miles and now after reading your comments I dread what they will put us through.

 

I have printed off the standard letter that this website has provided and fingers and everything else crossed

[garygumps]

Sorry to hear about your business problems legend21.

 

I'm not sure if the fact that your cars are company cars would make any difference. I'm no expert but I assume that the cars would have had to be leased/bought under business terms and the finance company would have been aware of this?

 

The reason I'm saying this is it may make a difference when reasonable wear & tear comes into play as you would expect company vehicles to suffer a bit more abuse than a private car. But then again if they have been regularly serviced etc what more can you do?

 

Anyway, only you will know if the cars are in a reasonable state.

[legend21]

I have sent my VT letter to RCI Finance, recorded delivery on Sat 8th August, but they have not written back to me yet. I have stopped the payment after the payment on 6th August so they are not due payment until 6 September, I hope they have written to me before then

 

Well done you